智通财经APP获悉，摩根大通发布研报称，将老铺黄金(06181)估值期限延展至2026年12月(原为2026年6月)，并维持以现金流量折现法予目标价1,296港元，评级“增持”; 并认为潜在的短期催化剂包括：1月、2月春节期间零售销售表现; 产品价格上涨即将来临，及海外扩张。老铺是小摩在中国消费板块的首选。
小摩对老铺的春节消费表现比市场更为乐观，原因是品牌权益提升、新产品推出、吸引新客户、现有客户重复购买及金价走势有利。集团表现稳健下，应能缓解投资者对近期高基数效应及金价波动下对消费者行为的担忧。认为其凭借系统性发展策略(如门店扩张审慎、直销模式及由精选/培训团队提供的差异化服务质量)最能从体验式增长中获益。
小摩将老铺2025至2027年的盈利预测上调1%至7%，预计其在今年实现49%的同比盈利增长; 预测老铺在2025至2027年将实现销售额、净利润年均复合增长率达77%、82%; 而老铺下一次涨价可能在2月底左右。
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